Categories: NewsTechnology

Bank Alfalah posts Profit after Taxation of Rs. 6.266 Billion for the nine months period

Bank Alfalah announced its results for the nine months period ended September 30, 2016 with profit after taxation reported at Rs. 6.266 Billion – improving by 4 percent against the corresponding period last year. The Bank’s earnings per share were reported at Rs. 3.93 as against Rs. 3.80 for the corresponding prior period.

The Bank’s Net markup income after provisions was reported at Rs. 21.352 Billion, improving by 7 percent over the corresponding period last year. Profit before Taxation was reported at 10.621 Billion, improving by 3 percent.

During the current quarter, the banking industry witnessed maturities of investments in high yielding Government bonds which had to be replaced with avenues offering relatively lower yields in line with prevalent market rates. Despite this impact on top line revenues, the Bank’s year-on-year net interest income levels reflected an improvement of 2 percent during the current period, as reduction in markup expenses outweighed the reduction in top line revenues. Operating Expenses registered a growth of 7 percent.

In line with the Bank’s strategy to focus on reducing its cost of funds, the Bank has taken steps to reduce high-cost deposits, and at the same time improve the composition of CASA deposits in its deposit base. While Total Deposits remained at the same level as that of December 2015 end, CASA mix improved from 74 percent to 79 percent at September 2016. With low level of interest rates prevalent, margins of the Banking industry have considerably narrowed down. Despite of lower spreads on offer, the Bank’s Gross ADR remains competitive at 54 percent at the period end, while the Bank’s Non-performing loans (NPLs) coverage stands at 83 percent.

The Bank remains adequately capitalized and committed to providing unrivalled banking services to its customers.

Sponsored
TechJuice

Pakistan's premier website covering everything about Technology, Startups and Entrepreneurship! Email: editors@techjuice.pk

Share
Published by
TechJuice

Recent Posts

Garena Free Fire India Launch Rumors: What Fans Need to Know

Reports suggest that Garena Free Fire is set to make a much-anticipated return to India.…

14 hours ago

Albania Bans TikTok for One Year: Here’s the Reason!

The Albanian government has announced a ban on the social media platform TikTok for a…

18 hours ago

Google Pixel 9 Pro vs. 8 Pro: Biggest Upgrades Compared

The launch of Google’s latest Pixel lineup brings an exciting chance to compare the new…

19 hours ago

Azad Kashmir to Host Pakistan’s First Women-Centric Software Technology Park

ISLAMABAD: In February next year, Pakistan is set to launch its first women-focused software technology…

20 hours ago

HEC Reveals Law Admission Test Date for LLB Students

The Law Admission Test (LAT) has been announced by the Higher Education Commission (HEC) of…

21 hours ago

Meta’s WhatsApp to Release New Playback Speed Feature for Videos

Meta's WhatsApp is rolling out a new playback speed feature, allowing users to adjust video…

1 day ago